The return of the Citadel in search of office space in Miami – Business Observer
Finance giant Citadel has expanded its search for offices in Miami Beach, Commercial Observer has learned.
The hedge fund is considering the Associated groupdevelopment on Terminal Island called Island park, according to several sources.
Citadel initially targeted downtown Miami. Back in January, Business intern reported that Citadel had preselected 830 Brickell, OKO Group and Cain Internationalthe Trophy office tower, for an 80,000 square foot lease.
The finance company suspended those talks because it was interested in the development of Terminal Island, sources said.
Located west of Miami Beach at 120 MacArthur Causeway, One Island Park will consist of two five-story Class A office buildings; a four-storey parking garage; and a ground floor space dedicated to retail, totaling 140,000 rental square feet of rental space. The Miami Beach Design Review Board approved plans for the development last February, according to public records.
Right across from Terminal Island, Founder and CEO of Citadel Ken griffin spent around $ 95 million on several mansions on Star Island, per The real deal. In December, Griffin paid $ 25 million for 10 Star Island Drive, adding to his collection there, according to the report.
But the search for Citadel offices is still in its infancy. âCitadel is still evaluating a number of options in Miami,â said a source familiar with the company’s plans.
The outlines and details of a potential deal are unclear. A source not involved in the talks said the hedge fund was considering entering into a “stake” deal with Related.
A representative for Related declined to comment. In a previous interview with the chairman of the related group Jon paul perez for CO Annual Power 100 List in May, the developer acknowledged that two of the “world’s largest financial services” were negotiating for space at One Island Park. He declined to disclose further details.
Citadel declined to comment on whether there had been fairness negotiations.
Citadel’s research follows a long list of major financial firms that signed leases in Miami this year, thanks to the city’s pro-business government and low state taxes. These included Thomas bravo, Point72 asset management, and D1. More like Millennium management and Global management of Apollo, shop around the market.
Citadel has already dipped its toes in Florida waters.
In response to lockdowns linked to the pandemic, the company’s sister market maker, Citadel titles, opened a trading room inside the Four Seasons Resort Palm Beach in March 2020. Shopkeepers and hotel staff worked and lived within the grounds of the luxury establishment, as CO reported. Employees could only enter the hotel after quarantine, and guards were stationed along the perimeter of the property. Citadel closed the makeshift office a year later in April 2021.
Based in Chicago at 131 Dearborn Street South, Citadel has offices around the world in New York, San Francisco, London, Hong Kong and Singapore. The hedge fund manages $ 35 billion.
Miami-based Related Group is widely regarded as Miami’s largest condominium developer, but also has few office buildings in its portfolio. These include the Annex Wynwood and 2850 Tiger Tail, which has top tenants and new to the market, such as hedge funds D1 and venture capital firms Founders Fund and Atomic.
While a subsidiary of Stephen ross‘ Related companies, the Related Group, led by father and son Jon Paul and Jorge Perez, is owned and operated separately.